The Importance of Writing Small-Business Coverages in Today’s Environment

Regardless of what you've done in the past, now is a great time to step outside the box and break into small commercial.

Is your office focused on selling personal lines? Have you started marketing commercial lines (CL) insurance? Are you only selling commercial lines insurance when you trip over it? Regardless of what you’ve done in the past, now is a great time to step outside the box and break into small commercial.

It seems the insurance environment and client profiles are changing daily. Your clients and prospects, whether individuals, families or small-business owners, need coverage for an expanding number of standard risks, as well as newer risk exposures stemming from technological advances. New and evolving markets can help independent agents diversify their portfolios. With the prevalence of mobile technology and the addition of the Internet of Things (IoT) – and soon artificial intelligence – there is a vast opportunity to provide insurance to meet the new demands of the  marketplace, particularly in the small-commercial space.

Understanding trending innovations and paying close attention to those affecting small businesses can lead to tremendous opportunities for your agency. Such expertise will enable you to uniquely position your agency in your local market and establish a sound business model for the future. As professional advisors, independent agents should have the knowledge to educate small-business owners and explain what they need to understand. “Staying in the know” will help independent agents tackle the small-business market, including the newer cyber coverage policies that should come with it.

Read the full article, written by Matt Masiello, Executive Vice President and COO of SIAA, published September 28, 2018 in The Standard.